Citi

CitiMortgage

Frequently Asked Questions

We've put together answers to some frequently asked questions to help you get more out of the mortgage process.

1.

Why might my actual costs be higher (or lower) than the estimated costs I see here?

2.

How do I pay for my appraisal?

3.

Can I borrow more money to cover closing costs?

4.

What's the difference between non-recurring and recurring costs?

5.

What are points?

6.

How much does it cost?

7.

Where do I find contact and servicing information for my existing CitiMortgage account?

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1. Why might my actual costs be higher (or lower) than the estimated costs I see here?

A: Final closing costs can differ from an estimate for a variety of reasons including:

  • A special inspection of the property may be required (termite, electrical, plumbing, etc.).
  • A more in-depth property value analysis may be required if the property has unique structure/design aspects or presents other factors that make it difficult to determine the market value.
  • The cost for title insurance in a purchase money transaction (acquiring property by payment of money or equivalent) is usually negotiated.
  • Some small fees (recording, notary, title, etc.) are based on the number of pages in your title/closing documents and can't be included in an estimate.
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2. How do I pay for my appraisal?

A: Once you submit your loan application, your loan consultant will contact you to discuss appraisal payment.

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3. Can I borrow more money to cover closing costs?

A: Yes. Depending on the loan-to-value (LTV) ratio, we may allow you to borrow more money to cover your non-recurring closing costs and possibly some of your recurring costs up to 1% of your property's value.

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4. What's the difference between non-recurring and recurring costs?

A: Non-recurring costs are one-time fees associated with closing a loan and include loan fees, appraisal and title fees, taxes and points. Recurring costs are ongoing fees that can include mortgage insurance, property taxes and insurance.

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5. What are points?

A: A "point" is equal to one percent of the loan amount. Points can be either positive (discount points) or negative (rebate points). The more discount points you choose to pay up-front, the lower your interest rate will be. Or, you can opt for a loan with a higher interest rate in exchange for a rebate, which will give you a credit towards paying some of your non-recurring closing costs, such as title insurance, appraisal and origination fee. You can't get any cash back from rebate points.

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6. How much does it cost?

A: Your Mortgage Consultant can give you all the information on closing costs, including how they can be financed with the loan. Call 1-800-248-4638 to speak with a loan consultant and ask for a free, no-obligation quote.

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7. Where do I find contact and servicing information for my existing Citimortgage account?

A: Please Sign In to view your mortgage account and contact information.

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